HOT & RELEVANT TOPICS
Knowing Your Portfolio Can Guide Centralization Efforts
Centralization is the next natural step in multifamily’s modernization evolution, but moving forward requires companies to examine their portfolio, personnel and technology. Asking the right questions and utilizing a balanced scorecard will produce an understanding of where an organization stands on centralization, the ease of adoption and potential challenges. Consumer habits are changing the way multifamily communities attract new residents, and the technological strides made by the industry over the last two years must continue to meet customer demands.
In-Depth Industry Knowledge is Key to Powerful Innovation
As the availability of technology tailored toward multifamily increases, owner/operators no longer face the challenge of shoehorning one-size-fits-all technology into their business. Many supplier partners are employing industry veterans and developing tech with only the needs of multifamily and leasing in mind. Finding a partner who understands the needs of communities, as well as the importance of integration with another tech, is critical to successful innovation.
Four Tips for Driving Resident Retention
The focus of maintaining a robust occupancy is frequently directed to understanding the needs and desires of prospective residents. However, occupancy success is obtainable by placing equal attention on the people already in the building. A solid retention strategy is highly effective at mitigating turn and marketing costs, as well as easing the demands placed on leasing teams and property management. Ensuring your current residents remain that way requires excellent service, maintenance, high-demand amenities and intuitive pet processes.
IN THE NEWS
The Importance of Human-Trafficking Knowledge for Onsite Teams
The United States has become one of the worst countries in the world for human trafficking with nearly 200,000 incidents occurring annually. With no age, gender, ethnic or socioeconomic boundaries, its presence is everywhere, including in multifamily communities. The difficulties in identifying trafficking situations result in only 10% of them being reported each year. Ongoing education and training are the only methods to reduce this tragic abuse of people and work toward its elimination from society.
Almost All Multifamily Developers Experiencing Construction Delays
Construction delays continue to be a challenge for the multifamily industry. According to the most recent National Multifamily Housing Council survey, 90% of respondents said they were encountering issues with projects. Permitting, start delays, increasing costs and labor issues were cited as the primary causes of the ongoing problem. Higher-than-expected construction and labor cost increases over the last three months were a large driver, and the number of developers who encountered financing challenges has more than doubled since June.
Why Renter’s Insurance Needs Customizable Features
The insurance industry has remained largely unchanged for decades, but technology is driving the ability of policyholders to customize their renter’s insurance policy to fit their lifestyle and budget. This same technology can be deployed to offer residents a straightforward and easy way to establish their insurance, increasing compliance rates for communities and avoiding the chance that a policy will lapse.